Tim Cook, the CEO of Apple, has been awarded more than five million shares in the company as he celebrates ten years in the position.
The stock bonus is the tenth and final payout of the stock component of his 2011 contract, earning him a total of $750 million in company stock.
Cook met a quota by exceeding the performance of at least two-thirds of the businesses on the S&P 500 list over the last three years when the company’s shares had increased by 191.83%.
That was part of a contract he made when he replaced Steve Jobs, the company’s co-founder, in 2011.
Before getting the final payment this week, Cook started getting payments for the 5 million shares in 2014, then again in 2016.
According to the BBC, a company filing with the US Securities and Exchange Commission (SEC) discloses that most of the shares have been sold for more than $750 million (£550 million).
The company is valued at $2.45 trillion due to Apple’s stock returning almost 1,100%. According to The Economist, it is the most valuable firm in the world.
Apple’s stock had risen from just under $80 per share when Cook took over as CEO in August 2011 to approximately $320 per share in early 2021.
In 2025, the company’s sales are expected to rise to $425.7 billion. Last year, it was $274.52 billion.
According to an SEC filing, Cook also contributed about $10 million worth of Apple stock to charity earlier this week, without disclosing the receiver.
In 2015, the Apple executive revealed his projects for his fortune, stating that he will be giving away the majority of it, having already donated thousands of shares in the company.
According to the Daily Mail, Cook currently owns 837,374 shares of Apple stock, or 0.02% of all outstanding shares, as he enters the final year of his ten-year deal.
According to the Bloomberg Billionaire’s Index, he has a net worth of roughly $1.5 billion.
Cook accepted a new payout package last year that would last until the end of 2026.
Jobs and Steve Wozniak founded Apple in 1976, and it went public four years later, in 1980.
On the day the business went public on Dec. 12, 1980, Apple stock was only $22 per share. In comparison, on Thursday, Aug. 26, 2021, it opened at $148.25 per share.
Cook stated in April that he would likely step down as Apple’s CEO within the next ten years, although remaining tight-lipped about his plans.
“And the date’s not in sight. But 10 more years is a long time and probably not 10 more years,” Cook said.